India Assures Foreign Investors Of A Modern Tax Regime
BANGALORE: India's Finance Minister Arun Jaitley has assured foreign investors that the government of Prime Minister Narendra Modi was working on a more modern tax regime as part of ongoing reforms to increase investment and reduce regulations to realise double-digit growth.
"In order to realise double-digit growth we need to undertake a number of reforms to increase investment and reduce burdensome regulations. Key among them are taxes," Jaitley said in a speech at the Peterson Institute for International Economics here.
Spelling out a tax vision for India at the leading think tank on international economic issues, Jaitley said he believed that with the reforms underway in India, "we are well on our way to having one of the more modern tax systems in the world."
Noting that India, "one of the bright spots in the economy", is attracting the attention of investors and policy-makers around the world because of its rising growth prospects, he acknowledged investors' concerns about tax related issues.
Outlining various reforms undertaken by the Modi government, Jaitley said, "Fundamentally we have restored faith in government and its ability to push the Indian economy toward the path of sustained double-digit growth."
